Jim Has Been Identified as a Risk-Taker, Which in the Past

question 96

Multiple Choice

Jim has been identified as a risk-taker, which in the past has proven to be successful for him and BigChip Inc. Risk-takers generally make decisions intuitively, based on experience and other characteristics which are relevant to their views and perceptions. In which situation will intuitive decision making likely to be used?

• A)when there is much precedent and past history to draw on
• B)when analytical data and information appear to be of little or no use
• C)when variables are logically and scientifically predictable
• D)when facts clearly point the way to a logical conclusion
• E)when an obvious and plausible alternative solution exists

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Definitions:

Parol Evidence Rule

A legal principle that prevents parties to a written contract from presenting extrinsic evidence of terms that would contradict, modify, or add to the written agreement.

Parol Evidence Rule

A legal principle that prevents parties in a contract dispute from presenting evidence of prior or contemporaneous agreements that would contradict the written terms of the contract.

Parol Evidence Rule

A legal principle that prevents parties in a dispute from presenting evidence of prior or contemporaneous agreements that contradict or modify the written terms of a final contract.

UCC 2-301

A provision under the Uniform Commercial Code (UCC) that emphasizes the importance of good faith in the performance or enforcement of contracts covered by the UCC.